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| Facebook's UK tax bill triples to £15.7m | Facebook's UK tax bill triples to £15.7m |
| (35 minutes later) | |
| Facebook paid £15.7m in tax in the UK last year, which is triple the amount it paid in the previous year. | Facebook paid £15.7m in tax in the UK last year, which is triple the amount it paid in the previous year. |
| In 2016, Facebook's tax bill rose to £5.1m, following a major overhaul of the social media firm's tax structure. | In 2016, Facebook's tax bill rose to £5.1m, following a major overhaul of the social media firm's tax structure. |
| However, the company's profits only climbed by £4m year-on-year from £58.4m to £62.7m in 2017. | However, the company's profits only climbed by £4m year-on-year from £58.4m to £62.7m in 2017. |
| The company's UK office provides marketing services and sales and engineering support to the company. | The company's UK office provides marketing services and sales and engineering support to the company. |
| Facebook's revenue rose by a third year-on-year to £1.2bn in 2017, because of increased revenues from inter-company and advertising reseller services in 2017. | Facebook's revenue rose by a third year-on-year to £1.2bn in 2017, because of increased revenues from inter-company and advertising reseller services in 2017. |
| In 2017, Facebook gave out 1.48 million restricted ordinary shares (RSU) to employees, a move that reduces its tax liability. | |
| This is one million fewer shares than it gave out in 2016. | |
| The publication of Facebook's 2017 tax accounts follows extensive criticism from policymakers and the media over the last 12 months of how much tax tech giants typically pay in Europe. | The publication of Facebook's 2017 tax accounts follows extensive criticism from policymakers and the media over the last 12 months of how much tax tech giants typically pay in Europe. |
| Large technology companies have been condemned for moving sales through other countries and paying modest amounts of tax in the UK. | Large technology companies have been condemned for moving sales through other countries and paying modest amounts of tax in the UK. |
| Last week, Chancellor Philip Hammond raised the prospect of introducing a new tax to address this concern. | Last week, Chancellor Philip Hammond raised the prospect of introducing a new tax to address this concern. |
| Meanwhile, online payments firm PayPal has announced that its UK subsidiary has agreed to pay an extra £3.1m in tax following a review by HMRC. | Meanwhile, online payments firm PayPal has announced that its UK subsidiary has agreed to pay an extra £3.1m in tax following a review by HMRC. |
| Expansion plans | |
| The social networking giant said that it intended to expand its UK operations further in the future. | |
| In July, it signed a new facility lease in the UK. | |
| In 2017, Facebook employed 330 more people than the previous year - a 34% increase in headcount. |